Agriculture News
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Wheat sales for week ended Feb. 16 were 338,800 MT, a 62% increase from the previous week nearly 40% above the 4-week average. Corn sales were 30% below the 4-week average, with soybeans nearly 20% below.
Grain and soy futures are expected to open lower on followthrough selling and pressure from the U.S. dollar.
Soybeans firmed on light corrective buying overnight, while the corn and wheat markets faced pressure.
Light, two-sided trade is expected in the grain and soy markets this morning.
At the annual Ag Outlook Forum, USDA issued its first projections for the 2023-24 marketing year, based on the January WASDE Report.
Corn, soybeans and wheat traded on both sides of unchanged while holding in narrow ranges overnight.
Cash cattle prices hit a new high for the year and reach the highest level since mid-2015.
Choice boxed beef prices continue to surge.
Grain and soy futures are expected to open with a weaker tone after price pressure overnight.
Corn and soybean futures pulled back from Tuesday’s gains during overnight trade, while the wheat market extended yesterday’s losses.
USDA reported soybean export inspections of 1.578 MMT for week ended Feb. 16, with inspections outpacing year-ago by 3.5%. Corn, soybeans and wheat inspections were each within their expected ranges.
Soybeans and soymeal will start daytime trade sharply higher on support from Argentine crop concerns.
Soybean and soymeal futures traded sharply higher coming out of the extended holiday weekend on Argentine crop concerns, while corn and wheat followed to the upside.
Survey finds 9% annual boost in farmland values but weaker values when compared to the prior quarter.
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Two-sided directionless trade is expected in the grain and soy markets to start daytime trade, though outside markets are price-negative.
Corn, soybeans and wheat traded in relatively narrow ranges during two-sided overnight price action.
Creighton University’s Monthly Index notes declines in economic indicators.
Areas expected to see both above-normal temps and below-normal precip have been reduced from previous forecasts.